From Five Star Equities Press Release:
Chesapeake has taken on billions of dollars of debt as well to begin their transformation into an oil producer. Company executives have said that they expect Chesapeake to transition to oil and natural gas liquids by 2014. "The payoff for this corporate transition we have under way should be increasingly clear for all to see in our liquids production growth over the next year and into the years ahead," Aubrey McClendon, Chesapeake's CEO, stated on the company's second-quarter conference call.
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Chesapeake Energy has recently drilled their largest oil gusher in their 23-year history. The company announced last week that the Thurman 406H well produced an astonishing 5,400 barrels of crude a day for the 8 days it had been operating. "It's pretty massive," Michael Kelly, analyst at Global Hunter Securities LLC, said in a telephone interview. "In the Eagle Ford or the Bakken shale, you'd be ecstatic if you got initial production anywhere close to 2,000 barrels a day, so this is really remarkable."Read the entire press release here.
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